West Kelowna Real Estate News!
Welcome to the Shield Real Estate Blog. This is the place to visit when you want the latest West Kelowna real estate news. I share monthly tips on a variety of local real estate topics. Everything from what the market statistics mean to how to amp up your curb appeal! Anything I can share to help you prepare your home and yourself for a potential sale is here. Along with what buyers can expect when they want to purchase a West Kelowna home for sale.
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Canadian home sales fall further in July
CREA NewsOttawa, ON, August 15, 2017 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in July 2017.
Highlights:
Sales were down from the previous month in close to two-thirds of all local markets, led by the Greater Toronto Area (GTA), Calgary, Halifax-Dartmouth and Ottawa.
Actual (not seasonally adjusted) activity was down 11.9% on a year-over-year (y-o-y) basis in July 2017. Sales were down from year-ago levels in about 60% of all local markets, led by the GTA and nearby markets. National sales net of activity in the Greater Golden Horseshoe region was little changed from one year ago.
“July’s interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer,” said CREA President Andrew Peck. “Even so, sales activity continued to soften in the Greater Golden Horseshoe region. Meanwhile, sales and prices in Montreal continue to strengthen. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to.”
“July marked the smallest monthly decline in Greater Golden Horseshoe home sales since Ontario’s Fair Housing Plan was announced in April,” said Gregory Klump, CREA’s Chief Economist. “This suggests sales may be starting to bottom out amid stabilizing housing market sentiment. Time will tell whether that’s indeed the case once the transitory boost by buyers with pre-approved mortgages fades.”
The number of newly listed homes slipped further by 1.8%, led by the GTA. Many other markets in the Greater Golden Horseshoe region have also seen new supply pull back recently after having jumped immediately following the Ontario government’s announcement of its Fair Housing Plan in late April. New listings were also down in Calgary, Edmonton, Montreal and northern British Columbia, with the lattermost region having been hit by wildfires.
With sales down by about the same amount as new listings in July, the national sales-to-new listings ratio was little changed at a well-balanced 53.5%. By contrast, the ratio was in the high-60% range in the first quarter of 2017.
A national sales-to-new listings ratio of between 40 and 60 percent is generally consistent with balanced national housing market, with readings below and above this range indicating buyers’ and sellers’ markets respectively.
Considering the degree and duration to which current market balance is above or below its long-term average is a more sophisticated way of gauging whether local conditions favour buyers or sellers. (Market balance measures that are within one standard deviation of the long-term average are generally consistent with balanced market conditions).
Based on a comparison of the sales-to-new listings ratio with its long-term average, more than 60% of all local markets are in balanced market territory. In the Greater Golden Horseshoe region, housing markets that recently favoured sellers have become more balanced, with some beginning to tilt toward buyers’ market territory.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents how long it would take to completely liquidate current inventories at the current rate of sales activity.
There were 5.2 months of inventory on a national basis at the end of July 2017, the highest level since January 2016. This was up from five months in June and up by more than a full month from where it stood in March.
The number of months of inventory in the Greater Golden Horseshoe region is up sharply from where it stood prior to the Ontario government housing policy changes announced in April 2017. For the region as a whole, there were 2.6 months of inventory in July 2017. While this remains below the long-term average of just over 3 months, it is more than triple the all-time low of 0.8 months reached in February and March.
Price gains diminished in all benchmark categories, led by single family homes. Apartment units posted the largest y-o-y gains in July (+20%), followed by townhouse/row units (+15.9%), two-storey single family homes (+10.7%), and one-storey single family homes (+9.7%).
While benchmark home prices were up from year-ago levels in 12 of 13 housing markets tracked by the MLS® HPI, price trends continued to vary widely by region.
After having dipped in the second half of last year, benchmark home prices in the Lower Mainland of British Columbia have recovered and are now at new highs (Greater Vancouver: +8.7% y-o-y; Fraser Valley: +14.8% y-o-y).
Meanwhile, y-o-y benchmark home price increases were running a little below 20% in Victoria and just above 20% elsewhere on Vancouver Island.
Benchmark price gains slowed again on a y-o-y basis in Greater Toronto, Oakville-Milton and Guelph but remain well above year-ago levels (Greater Toronto: +18.1% y-o-y; Oakville-Milton: +12.7% y-o-y; Guelph: +23% y-o-y).
Calgary benchmark prices further edged into positive territory on a y-o-y basis in July (+1.1%). While Regina home prices popped back above year-ago levels (+3.6% y-o-y), Saskatoon home prices remained down (-2.2% y-o-y).
Benchmark home price growth accelerated in Ottawa (+5.8% overall, led by a 6.8% increase in two-storey single family home prices) and Greater Montreal (+4.9% overall, led by a 7% increase in prices for townhouse/row units). Prices were up 5.4% overall in Greater Moncton, led by one-storey single family home prices which set a new record (+8.9%).
The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.
The actual (not seasonally adjusted) national average price for homes sold in July 2017 was $478,696, down 0.3% from where it stood one year earlier. This was the first y-o-y decline in the measure since February 2013, reflecting fewer sales in the GTA and Greater Vancouver on a y-o-y basis.
Because these 2 markets nonetheless remain highly active and expensive, Greater Vancouver and Greater Toronto upwardly skew the national average price. Excluding these two markets from calculations trims almost $100,000 from the national average price ($381,297).
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 120,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
Canadian home sales drop again in June
CREA NewsOttawa, ON, July 17, 2017 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales cooled further in June 2017.
Highlights:
June sales were down from the previous month in 70% of all local markets, led overwhelmingly by the Greater Toronto Area (GTA). Monthly declines were also posted in all surrounding Greater Golden Horseshoe housing markets, the Lower Mainland of British Columbia, Kingston, Montreal and Quebec City.
Actual (not seasonally adjusted) activity was down 11.4% on a year-over-year (y-o-y) basis, much of which reflected a significant drop in GTA sales activity. Nonetheless, half of all local housing markets recorded y-o-y sales declines. By contrast, Calgary, Edmonton, London and St. Thomas, Ottawa, Montreal and Halifax-Dartmouth topped the list of Canadian cities where home sales surpassed year-ago levels.
“Canadian economic and job growth have been improving, which is good news for housing demand,” said CREA President Andrew Peck. “However, it also means that interest rates have begun to rise, which may impact homebuyer confidence – particularly in pricier markets like Toronto and Vancouver where recent housing policies had already moved potential buyers to the sidelines. In lower priced markets, the effect of higher interest rates on housing affordability will be relatively muted. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to.”
“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” said Gregory Klump, CREA’s Chief Economist. “The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires. In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages.”
The number of newly listed homes slid 1.5% in June, led by a sizeable pullback in the GTA compared to record levels in April and May. A number of other markets in the Greater Golden Horseshoe also saw a pullback in new supply.
With sales down by considerably more than new listings in June, the national sales-to-new listings ratio moved further into balanced market territory at 52.8%. The ratio had been in the high-60% range just three months earlier.
A sales-to-new listings ratio between 40 and 60 is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.
The ratio was above 60% in fewer than half of all local housing markets in June. The majority of markets with a ratio above 60% are located in British Columbia and Ontario, but a number of Greater Golden Horseshoe markets have downshifted into balanced territory. The ratio fell below 40% in the GTA and Barrie.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents how long it would take to completely liquidate current inventories at the current rate of sales activity.
There were 5.1 months of inventory on a national basis at the end of June 2017 – up a full month from where the measure stood in March and the highest level since January 2015.
Months of inventory in the Greater Golden Horseshoe region are up from the all-time lows reached prior to the Ontario government housing policy changes announced in April 2017. For the region as a whole, there were 2.5 months of inventory in June 2017. While this remains below the long term average of just over three months, it is up sharply from an all-time low of just 0.8 months set in February and March.
Across markets in the region, months of inventory ranged from 1.5 months to 3 months in June 2017. As such, housing markets within the Greater Golden Horseshoe remain the tightest in Canada together with those on Vancouver Island and B.C.’s Lower Mainland.
Price gains diminished in all benchmark home categories, led by single family homes. Apartment units posted the largest y-o-y gains in June (+20.4%), followed by townhouse/row units (+17.4%), two-storey single family homes (+15.4%), and one-storey single family homes (+12.3%).
While benchmark home prices were up from year-ago levels in 11 of 13 housing markets tracked by the MLS® HPI, price trends continued to vary widely by region.
Benchmark home prices in the Lower Mainland of British Columbia have been recovering after having dipped in the second half of last year. While y-o-y price gains continue to slow (Greater Vancouver: +7.9% y-o-y; Fraser Valley: +13.9% y-o-y), the trend appears poised to accelerate later this summer as price declines last year fade further in the rear view mirror.
Meanwhile, y-o-y benchmark home price increases were running just below 20% in Victoria and elsewhere on Vancouver Island.
Benchmark price gains slowed on a y-o-y basis in Greater Toronto, Guelph, and particularly in Oakville-Milton but remain well above year-ago levels (Greater Toronto: +25.3% y-o-y; Guelph: +25.4% y-o-y; Oakville-Milton: +17.4% y-o-y).
Calgary benchmark prices remained slightly positive on a y-o-y basis in June (+0.6%), while Regina and Saskatoon home prices came in below year-ago levels (-0.7% and -3.1%, respectively).
Benchmark home prices rose by more than the rate of overall consumer price inflation in Ottawa (+5.2% overall, led by a 6.2% increase in both one and two-storey single family home prices), Greater Montreal (+4.2% overall, led by a 6.9% increase in prices for townhouse/row units) and Greater Moncton (+4.7% overall, led by a 10.6% increase in prices for townhouse/row units).
The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average prices are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.
The actual (not seasonally adjusted) national average price for homes sold in June 2017 was $504,458, up just 0.4% from where it stood one year earlier.
The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are two of Canada’s most active and expensive housing markets. Excluding these two markets from calculations trims more than $100,000 from the national average price ($394,660).
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 120,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
Canadian home sales drop sharply in May
CREA NewsOttawa, ON, June 15, 2017 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales posted a sizeable decline in May 2017.
Highlights:
While May sales were down from the previous month in about half of all local markets, the sizeable national decline largely reflects a 25.3% m-o-m drop in the Greater Toronto Area (GTA). Activity was also down significantly from the previous month among other housing
markets across the Greater Golden Horseshoe region, including Oakville-Milton, Hamilton-Burlington and Barrie. By contrast, activity rose to multi-year highs in Montreal and Quebec City.
Actual (not seasonally adjusted) activity was down 1.6% on a year-over-year basis in May, with year-over-year (y-o-y) gains in about 60% of all local housing markets offset by the sharp drop in the GTA (20.8% y-o-y). Calgary, Edmonton, Ottawa and Montreal were among a number of urban centres where May sales surpassed year-ago levels.
“Recent changes to housing policy in Ontario have quickly caused sales and listings to become more balanced in the GTA,” said CREA President Andrew Peck. “Meanwhile, the balance between supply and demand in Vancouver is tightening up, while many places elsewhere in Canada remain amply supplied. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to.”
“This is the first full month of results since changes to Ontario housing policy made in late April. They provide clear evidence that the changes have resulted in more balanced housing markets throughout the Greater Golden Horseshoe region,” said Gregory Klump, CREA’s Chief Economist. “For housing markets in the region, May sales activity was down most in the GTA and Oakville. This suggests the changes have squelched speculative home purchases.”
The number of newly listed homes edged up a further 0.3% in May following April’s jump of almost 10%. New listings in May remained high in and around the GTA; however, the York Region of the GTA posted the largest month-over-month decline in new supply. Similar percentage declines were also evident for new listings in Oakville-Milton and Barrie.
With sales down considerably in May, the national sales-to-new listings ratio moved out of sellers’ territory and back into balanced market territory for the first time since late 2015. The ratio stood at 56.3% in May 2017, down from 60.2% in April and the high-60% range over the first three months of this year.
A sales-to-new listings ratio between 40 and 60 is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.
The ratio was above 60% in more than half of all local housing markets in May, the majority of which are located in British Columbia and southwestern Ontario. The ratio is above 70% for Greater Vancouver and the Fraser Valley and above 60% for Montreal. By contrast, the ratio softened sharply in the GTA, closing out the month at 41%.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents how long it would take to completely liquidate current inventories at the current rate of sales activity.
There were 4.7 months of inventory on a national basis at the end of May 2017, up from 4.3 months in April and 4.1 months in March. This returns the measure to where it was for much of 2016.
With new listings having surged and sales having declined in some markets within the Greater Golden Horseshoe, the number of months of inventory in the region is up from all-time lows. That said, housing markets in the region remain among the tightest in Canada, with most urban centres in the region still registering less than two months of inventory.
Price gains accelerated for apartment units, which posted the largest y-o-y gains in May (+20.5%). Meanwhile, prices gains braked for benchmark low-rise homes (townhouse/row units: +19.3% y-o-y; two-storey single family homes: +18.4% y-o-y; one-storey single family homes: +14.5% y-o-y).
While benchmark home prices were up from year-ago levels in 11 of 13 housing markets tracked by the MLS® HPI, price trends continued to vary widely by location.
After having dipped in the second half of last year, home prices in the Lower Mainland of British Columbia have been recovering and have either reached new heights or are trending toward them (Greater Vancouver: +8.8% y-o-y; Fraser Valley: +14.7% y-o-y). Meanwhile, y-o-y benchmark home price increases remained in the 20% range in Victoria and elsewhere on Vancouver Island.
Price gains slowed on a y-o-y basis in Greater Toronto and particularly in Oakville-Milton but remain well above year-ago levels (Greater Toronto: +29% y-o-y; Oakville-Milton: +23.9% y-o-y). Price growth remained in the mid-20% on a y-o-y basis in Guelph.
Calgary and Regina traded places in May, with Calgary prices having posted the first y-o-y gain (+0.2%) in almost two years and Regina prices having moved into negative territory (-1.7%) for the first time since January 2016. Saskatoon home prices remained down from year-ago levels (-2.8%) for the 22nd consecutive month.
Benchmark home prices rose by more than the rate of overall consumer price inflation in Ottawa (+4.4% overall, led by a 5.4% increase in two-storey single family home prices), Greater Montreal (+3.6% overall, led by a 4.6% increase in two-storey single family home prices) and Greater Moncton (+6.1% overall, led by a 13.1% increase in prices for townhouse/row units).
The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.
The actual (not seasonally adjusted) national average price for homes sold in May 2017 was $530,304, up 4.3% from where it stood one year earlier.
The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are two of Canada’s most active and expensive housing markets. Excluding these two markets from calculations trims more than $130,000 from the national average price ($398,546).
– 30 –
PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 120,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca